Seasonality in the U.S. Housing Market: Post-Pandemic Shifts and Regional Dynamics

Seasonality has traditionally shaped the U.S. housing market, with activity peaking in spring-summer and declining in autumn-winter. However, recent disruptions, particularly those following COVID-19, raise questions about shifts in these patterns. This study analyzes housing market data (1991–2024) to examine evolving seasonality and regional heterogeneity. Using Housing Price Index (HPI) data, inventory, and sales data from the Federal Housing Finance Agency and U.S. Census Bureau, seasonal components are extracted via the X-13-ARIMA procedure, and statistical tests assess variations across regions. The results confirm seasonal fluctuations in prices and volumes, with recent shifts toward earlier annual peak (March–April) and amplified seasonal effects. Regional variations align with differences in climate and market structure, while prices and sales volumes exhibit in-phase movement, suggesting thick-market momentum behaviour. These findings highlight key implications for policymakers, realtors and investors navigating post-pandemic market dynamics, offering insights into the timing and interpretation of housing market activities.

Publication Details

Journal
Apollo (University of Cambridge)
Published
2025-12-05
DOI
https://doi.org/10.17863/cam.123716
Primary Topic
Housing Market and Economics
Type
article
Field-Weighted Citation Impact
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article

Seasonality in the U.S. Housing Market: Post-Pandemic Shifts and Regional Dynamics

Apollo (University of Cambridge)
Housing Market and Economics
article

Seasonality in the U.S. Housing Market: Post-Pandemic Shifts and Regional Dynamics

article en

Abstract

Seasonality has traditionally shaped the U.S. housing market, with activity peaking in spring-summer and declining in autumn-winter. However, recent disruptions, particularly those following COVID-19, raise questions about shifts in these patterns. This study analyzes housing market data (1991–2024) to examine evolving seasonality and regional heterogeneity. Using Housing Price Index (HPI) data, inventory, and sales data from the Federal Housing Finance Agency and U.S. Census Bureau, seasonal components are extracted via the X-13-ARIMA procedure, and statistical tests assess variations across regions. The results confirm seasonal fluctuations in prices and volumes, with recent shifts toward earlier annual peak (March–April) and amplified seasonal effects. Regional variations align with differences in climate and market structure, while prices and sales volumes exhibit in-phase movement, suggesting thick-market momentum behaviour. These findings highlight key implications for policymakers, realtors and investors navigating post-pandemic market dynamics, offering insights into the timing and interpretation of housing market activities.

Apollo (University of Cambridge)
Climate action
Openalex Percentile: Top 27%
Housing Market and Economics
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